Common use of Holding of Property Clause in Contracts

Holding of Property. 8.1 At some point following execution of this Agreement, and no later than 30 days after Kingsmere delivers the K-1 Expenditure Notice, Teck shall transfer its right, title and interest in and to the Property to Kingsmere. Upon such transfer Kingsmere shall hold title to the Property in trust for the parties, against which Teck may record a memorandum of its interest under this Agreement, until the earlier of the termination of the T-1 Option unexercised or the formation of the Joint Venture, at which time Kingsmere shall then transfer all right, title and interest in and to the Property to the Operator and the Operator shall hold the Property subject to this Agreement.

Holding of Property. 8.1 At some point following execution of this Agreement, and no later than 30 days after Kingsmere delivers the K-1 Expenditure Notice, Teck shall transfer its right, title and interest in and to the Property to Kingsmere. Upon such transfer Kingsmere shall hold title to the Property in trust for the parties, against which Teck may record a memorandum of its interest under this Agreement, until the earlier of the termination of the T-1 Option unexercised or the formation of the Joint Venture, at which time Kingsmere shall then transfer all right, title and interest in and to the Property to the Operator and the Operator shall hold the Property subject to this Agreement.